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Marwyn Value Investors Share Discussion Threads
Showing 1001 to 1024 of 1025 messages
|NAV as at 7th April rises to 222.8p - actually JUMPS to 222.8p - no wonder we're seeing a better market in MVI...|
|Only being offered 150 shares to buy online so looks like a shortage of stock.
Would be nice to clear 145p in the not too distant.
ZEG holding on to recent gains and BCA creeping back up.|
|Being quoted 142 to sell but have to pay over the ask for a few thousand shares. 33% discount to NAV is too much.|
|free stock charts from uk.advfn.com|
|Thnx for that DB - I've reposted onto the PE thread.|
Marwyn Value Investors (Mkt Cap £101m)
2016 results: -6.9% total return
Marwyn's NAV total return for the year to December 2016 was -6.9%. NAV total return in the second half of the year was +3.2% following a decline of 9.7% in H1. NAV performance has continued to recover in 2017 with a return of +3.3% to date. The NAV decline in 2016 was mainly due to a fall in the share price of Zegona and the valuation of Le Chameau Group.
Zegona released 2016 results last week which highlighted an uplift in revenue and cash flow of 3.0% and 9.7% respectively over the year. BCA's share price rose by 8.1% in 2016. The company acquired Paragon Automotive during the year to broaden and increase the penetration on value-added services which help to retain the customer base and drive revenues. Interim results for the period to October demonstrated strong growth in all key areas resulting in a 28% increase in earnings per share.
There are now six portfolio companies following two new investments in Safe Harbour and Wilmcote Holdings. Safe Harbour is an unquoted company that has been seeded with £10m of capital by Marwyn and is seeking to acquire industrial distribution businesses. Wilmcote Holdings is a new management platform focused on the acquisition and development of businesses in the specialty chemicals sector. It has been established in partnership with Adrian Whitfield, who previously implemented a turnaround and growth strategy at Synthomer plc, a FTSE 250 listed specialty polymer operator.
Recent NAV performance has been strong mainly due to a 26% increase in Zegona's share price following the announcement that Euskaltel is in talks to acquire Telecable from Zegona. Consolidation of regional cable operators in Northern Spain has often been speculated. Zegona has been seeking further investment opportunities and is not under pressure to sell. We believe any bid would need to be at an attractive level in order to succeed.
Marwyn is currently trading on a 34% discount to NAV (5.9% dividend yield). Cash as a percentage of NAV has declined from c.57% in December 2015 to 26% at the end of March 2017 and further deployment to fund an acquisition for one of the management platforms could act as a catalyst for a narrowing of the discount.|
|@langbarb - haven't looked in detail for a while so I don't know.
Price now above last week's XD level on a few keen buys.|
|As reported by Tiltonboy in post 949 above Numis says "the portfolio had significant net cash of 24.2% of net assets as at 29 September". But looking at the 29 Sep statement cash seems to be a negligible amount of net assets (127k out of 166m of net assets). could someone clarify what the actual cash position of MVI is?|
|No prob ;) A bit of paraphrasing in there.
Safe to say the overhang's finally cleared|
|Thanks very much - especially if you typed it all out! :)|
"I think investors are being overly harsh in their valuation of MVI, a closed-end investment company listed on the Specialist Fund Market of the LSE. The shares have been heading south since the company raised £50m of new equity at 220p at the end of 2015 tto invest in new quoted portfolio companies targed by MVI LP, an open-ended Master Fund domiciled in the Cayman Islands, which is backed by more than 60 leading insts. and funds inc MV Investors.
A lacklustre performance has clearly not helped - NAV of 210p has barely budged since the start of 2016. However there is a poetential catalyst in the form of ZEG..........MVI's 25.8% stake accounts for over a third of its own NAV.
Bearing this in mind, analysts at Liberum inform me that Euskaltel is rated on a multilble of 9.6x CP to EV, a significant premium to ZEG on 8x, even tho Telecable has performed well since acqn 18m ago. In turn, this highlights the potential for a decent bid premium in the event of an offer being made, and one that would undoubtedly prompt a re-rating in MVI, which are shy of the 143p level at ewhich I last recommended buying in Nov 2016. Buy."
Typos all my own.|
|No problem - same happened to me yesterday!
I asked you yesterday what the Simon Thompson comment was last week - did he say much?|
|Thanks @gleach23, have edited - I don't always know what day of the week I'm on :)|
|Good luck - far too large on it already here, but it's decidedly "cheap".
XD 2p Thurs too.|
|Only had a very small holding, so I've topped up this morning @ 135.395p|
|A good example then - a string of 25k buys inc an MM buy, offer moves up, someone sells 100k at 135.25 & a red MM. Seller still around.
Edit - now 295k, 297k reported at 135.25. Surely the overhang got to clear soon, but who's the seller? (And who's the buyer..).
Edit #2 - those two odd-sized trades could have been the end of it.|
|Been a huge overhang for weeks, but no idea who's causing it or when it might clear.
NAV discount as wide as it's been in 5yrs, as much due to ZEG rising as MVI falling, but still.|
|Two very big trades reported from yesterday. I would like to know what is happening here, big volumes and no share price movement. Would be nice to have a whoosh at some point.|
|Correct flagon - thanks. Was thinking it was 4th today for some reason!|
|WEST are taking stock off their seller as stock is taken off them. I just picked up a 15k and a 20k, and it was almost immediately matched by a 35k trade.|
|ZEG - results are Thursday
Link -> hTTp://www.investegate.co.uk/zegona-comm-plc--zeg-/rns/notice-of-results/201703210700120007A/|
|ZEG continues its breakout this morning ahead of results Wed.
SpectoAcc - so what was ST's IC comment?|
|Discount is much higher if cash balance is taken out. You don't need to discount cash. This is too cheap considering its two main investment zeg and bca are decent business and a yield of almost 6%.|
|Directors ought to be tempted. Xdiv next week and discount in excess of 37%.|